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Life Insurance-Part 2

How long do I need life insurance for?

If you have a young family or plan to have more children, you may want to put life insurance in place at least until your youngest child has left school or finished college. This could mean having life insurance for a term of at least 20 to 25 years. If your children are older, five or 10 years of insurance may be enough. Some policies, such as whole-of-life policies give you insurance for your lifetime so you do not have to decide on a specific length of time (the ‘term’ of the policy).

Who should I insure?

If you are in a relationship and have dependent children, it is important to consider what may happen if either you or your partner died. For example, if you are involved in looking after your home and children, there could be extra childminding or housekeeping costs if you died. So, you may want to consider taking a policy for both partners.

Who gets the benefit from life insurance?

If you arrange a policy on your own life, the policy benefit is usually paid direct to your estate, or to whoever you have named as the beneficiary, once the insurer receives proof of your death.

If your husband, wife or partner takes out a policy on your life, the policy benefit could be paid direct to them without going through your estate.

If you have a mortgage protection policy, it has to be ‘assigned to’ your lender. This means that as long as you have a mortgage, the policy benefit will be paid to your lender if you die. They will use the money to clear your mortgage and pay any money left over to your estate.

How to Shop for Life Insurance Products

Life insurance is a long-term policy. This is different to home or motor insurance where your policy ends each year unless you renew it. So, it is even more important to consider your needs carefully and to shop around for insurance that meets those needs and gives you long-term value for money.

You can shop around for life insurance over the phone or on-line by using one of the premium calculators on insurance companies’ or brokers’ websites. Or, you can use an insurance advisor who will help you work out your needs and shop around on your behalf.

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What Information Do You Need To Provide to Get a Car Insurance Quote?

Life is full of pitfalls and dangers and these can hit you from any direction possible. When these dangers come in the form of some kind of an emergency that causes your long term financial stability to be put to test, then it can even lead to major mental trauma. This can, in turn, lead to your health being affected because tension and stress of any kind can have an adverse effect on your physical health. Therefore, as you can see, a small car accident can end up causing such a domino effect that you will be left cursing the day that you ignored getting protection. This protection, of course, comes in the form of a car insurance policy.

There are two ways that you can go about getting your car insured, namely through a local agent and through online policy providers. The online method of insuring your car is, as per most people, the more advantageous and convenient. The prime reason why people believe that online policy providers are better sources of getting a car insured is the fact that these websites equip you with quotes.

Quotes provided by online policy companies are like semi formal offers containing the insured amount of your car policy and the premiums that you will have to pay. These quotes are ideal for comparing different policies from different providers as it contains the financial aspects of your potential car policy along with respective features. Furthermore, these quotes are also highly specific in nature and the quote that you get from a provider might not be the same as what you friend will get from the same provider. In order to provide such specific offers, these websites require particular details from you. 

The following is a list of what they need.

1. Your contact information:
The policy provider will need your personal information such as telephone number, email id, address and associated information so that you have the option of being able to retrieve your quote at a later stage.

2. Car information:
Since the policy will be a car insurance policy, you will also need to furnish the website with information related to your car. The kind of information that you will have to provide them with would include the make and model of your car, the manufacturer, year of purchase etc. 

Furthermore, the policy provider would also require you to give information related to past claims with respect to the car, any accidents and even driver offences.

3. Preferences:
Finally, in order to get a car insurance quote that meets your needs perfectly, you will need to specify your preferences with respect to additional features such as driver's legal protection, breakdown cover, accessories cover etc.

A car insurance quote allows an efficient and convenient comparison of policies because they are a form of concise offer made by the insurance company to you. Hence, you should always look to get as many quotes as possible and then compare them before conforming to any one policy.

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How to Ensure You Have Adequate Car Insurance Coverage

The last thing you want when you're involved in an incident or need to make a claim on your car insurance is to find that you don't have the appropriate coverage. This can leave you footing a huge bill or, if the policy is found to be invalid, the ramifications could be even worse. So how can you be sure that your coverage is sufficient for your vehicle and all drivers?When you come to actually source your car insurance you need to be fully aware of what level of coverage you have and the liability you hold as the policy holder. Invariably, the more cover you have, the less impact you should have in case of a claim. However, that comes at a cost.

If you go online and simply compare a number of prices and choose the cheapest, you could find yourself being exposed to greater risk. For example, one of the ways in which you can lower a quote is by increasing the excess on your policy. This is fine, as long as you don't have to make a claim of course. Excess basically represents the amount you're liable for in the event of a claim. So if you have an excess of 500, then you will have to stump up the first 500 of any claim made; plus you could still lose your no claims bonus in the process - double jeopardy. So being sensible with this figure and choosing an amount that you can realistically afford can help ensure that you don't face future financial rigours, or indeed have to write your car off unnecessarily.

Choosing a fully comprehensive insurance policy is a good way to ensure that you have the best possible level of cover. However, you will have to be aware that coverage levels and perks will change from company to company. Not all insurers will offer the same add-ons, which may include windscreen, breakdown or even road rage cover. Whilst these are largely becoming standard, policies will vary and you'll have to be sure that any insurer that you choose offers the level that you require.

The only way to really weigh up the merits of individual insurers though is to simply compare their quotes and the coverage each one will give you. But in order to ensure that these prices are accurate you have to be sure that all of the information you've provided is correct. So if you're looking to add drivers, input their details properly. If you're moving house, update the address and the overnight location of your vehicle.

In this last example, if your vehicle is scratched, damaged or even stolen and it isn't at the address named on the insurance or isn't in a garage as claimed, then any claim could be invalidated. Whilst you could take the risk that such things won't be found during litigation, it's often not worth it.

By setting out with an all-encompassing quote, you can ensure that you only get quotes that match your specific needs. This in turn will allow you to better weigh up the pros and cons of the coverage being offered by insurers. Remember though that policies are flexible, so even if you get one now, it can always be changed in the future.

So if you need to add a driver later, update addresses or would like to improve your level of coverage, these can all be factored in during the insurance policy term. You may have to pay for the privilege, however if your circumstances have changed and might impact upon your current policy, then it is a price that is well worth paying.

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Life Insurance- Part 1

An individual runs the risk of premature death or living too long. Life insurance policy is designed to pay out an amount of money if you die during the time limit set out in the policy. Life insurance provides its beneficiaries with the financial coverage upon the demise of the insured person. A contract is signed between the insured person (client) and the insurance company under which the insurance company has to pay an assured sum of money to the nominees of the insured person. It is difficult to think about the effect your death would have on those you love and care about. But it is important to plan for their needs and to look at how your death may affect them financially.

No matter how much you earn, it is important to make sure that your dependants (people who rely on you for emotional and financial support) have enough money to live on when you die. A life insurance policy can protect your dependants against financial hardship by paying them a lump sum after you die.

Need for taking Life Insurance

Life insurance provides retirement fund, children’s education, continuity of income, marriage expenditure, and protection against disabilities. A life insurance policy assures complete peace of mind as it prepares the family to face any financial crisis in case of untimely death of the insured person. Life insurance also serves as a tax saving mechanism, and hence plays a crucial role in the process of one’s financial planning to secure the future of the survivors. Life insurance offers secured saving mechanism for business capital mobilization.

How much Life Insurance Do I need?

Life insurance is like buying shares in yourself. “How much are you worth?” If you have a young family, you will need to provide a larger lump sum than if your children were older. That is because the benefits have to last longer. You will need to consider buying enough insurance to give your family an income for as long as they need it; cover bigger costs that might arise as your children get older, for example school fees; pay off any outstanding loan. However, answers to the following questions will provide a solution to the amount of life insurance you need.

• What part of my present income does my family need?
• How many years are left for retirement?
• What debt am I currently carrying?
• What are my monetary obligations?
• Do I have an emergency fund?

For further information to contact the author with your insurance needs, please complete the sign up form on my blog.

The Importance of Having House Insurance

There are lot of people who tend to think that they can skip out on the insurance for their house because it is an added cost that they feel they cannot afford. The thing is though; you really cannot afford to go without the proper insurance cover. There are a million and one things that could go wrong. No one ever thinks that a tragedy will happen to them. If you are at least covered with insurance, then you will be able to replace your belongings.

If you have a lien on your home, such as a home mortgage, then you are most likely required to have home owners insurance. It is a part of your contract. A way to help make the cost a little more affordable is to see if you can have your payments escrowed into the mortgage payments. This way, you will be paying just a little extra each month, on top of your mortgage payment. You will have your insurance paid for every year and it will not feel as though you put any major dent in your finances or budget.

For those that still do not believe that it is enough and that the cost is too much to handle, it is important to make sure that you are taking a look at where all of your money goes. Most likely, when you take a close look at your finances, you will find that you are spending money on things that you could really do without. You can cut back on those things and go ahead and take care of your insurance for the house.

When you are ready to start your house insurance, you want to make sure that you are looking around in order to get the best deal possible. The best way to do this would be to shop online or contact an insurance agent. When you are shopping online for insurance policies, you will be able to see the details of the policy and really make sure that you are not being over charged. Also, you will be able to expose yourself too many more options than if you were simply calling from the phone book.

If you already have insurance on the house, do not be afraid to look to see if there are other options out there for you. You want to make sure that you are really not over paying for the insurance. Too many people will pick up an insurance policy for their home and that is the same policy that they will continue to pay on for the remaining amount of time that they are in the house. This causes a lot of people to over pay when their policies are compared to the other policies out there.

Just make sure that you are never cancelling your current house insurance before the new policy begins. If there is any lapse in cover you could find yourself in hot water with the mortgage company. Also, there is a chance that even during that small window, something could happen to your home. Simply sign up for the new policy and then you can cancel the old policy once the new one is active. Some companies will even contact your old company for you so that you do not forget to do so.

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